The surprise move is the latest amid a wave of consolidation in the country’s banking industry in recent months and would create Italy’s third-largest entity in the sector.

The last time Banca Monte dei Paschi di Siena SpA bought another lender, it ended in tears.Most Read from BloombergWhat Happened to Hanging Out on the Street?How Sanctuary Cities Are Preparing for Another Showdown With TrumpBillionaire Developer Caruso Slams LA Leadership Over WildfiresHoboken PATH Station Will Close for Almost a Month on Jan.

Mediobanca SpA is opposed to the takeover bid by rival Banca Monte dei Paschi di Siena SpA, according to a person familiar with the matter.